If you think you have been missold payment protection insurance, find out more about PPI claims made simple.

Did you know that more than 1.5m customers are reportedly to have already made complaints about being missold payment protection insurance. A High Court decision against the banks could also open the door for millions more to claim back compensation they deserve.

The new rules planned suggest that banks may have to contact all of their past PPI customers letting them know about their bad sales tactics and that they may have been missold insurance and could be liable to claim compensation.

The Office of Fair Trading (OFT) has found that one in five people have experienced a problem with contracts in the last 12 months. A good tip to avoid paying for something you might not need is to always read the small print of any contract that you sign, especially when it comes to personal finance products.

One of the biggest grievances made against PPI is that many sellers led consumers to believe that it was compulsory to take out payment protection insurance when applying for a loan, mortgage or credit card.

Remember, PPI is always optional, it is never compulsory.

You can claim for PPI compensation as far back as 1st January, 2001 and if you’ve had a loan for all of this time, it could be a considerable amount of compensation that you are able to claim for.

PPI Settlements

Each year customers lose out on billions of pounds because of underhand sales practices. Over the years many consumers have been missold payment protection insurance on their loans, mortgages and credit cards, something that is leaving the banking industry liable for up to £4 billion in compensation.

If you were told that you had to take out Payment Protection Insurance then this is wrong and you will be liable to receive compensation.

Find out more about PPI Claims Made Simple.